Stocks with the biggest midday moves: Adobe, AT&T, Robinhood, more

The Adobe Systems logo is displayed outside one of the company’s offices.

David Paul Morris | Bloomberg | beautiful pictures

Check out the companies that make headlines in midday trading.

Adobe Adobe shares fell 11.4% after issuing weaker-than-expected guidance. Adobe forecast adjusted fiscal 2022 earnings of $13.70 per share versus consensus expectation of $14.26 per share from Refinitiv.

AT&T – Shares of telecom giant AT&T rose 7.4% after Morgan Stanley upgrade Stocks are rated overweight from equal weight. The company said AT&T stock looks attractive after its underperformance this year. More visibility into AT&T’s WarnerMedia and Discover According to Morgan Stanley, the deal will provide a growth catalyst next year.

Robin Hood hero – The stock trading app’s stock fell more than 6% after Bank of America begins insurance of stocks with underperforming ratings. The Wall Street firm says the “perfect storm” from the pandemic has passed for Robinhood and estimates that the broker’s trading performance and organic growth could face headwinds for years as corruption customer value is decreasing.

Voice mark Shares of Accenture rose 7.2% after the consulting firm reported better-than-expected quarterly profit and revenue. The company posted earnings of $2.78 per share on revenue of $14.97 billion. Analysts surveyed by Refinitv expect a profit of $2.63 per share on revenue of $14.19 billion. Accenture also raised its earnings guidance for fiscal year 2022.

Lennar – Shares of Lennar fell 4.2% after the homebuilder’s quarterly report missed Wall Street expectations. The company posted earnings of $3.91 per share, below the consensus estimate of $4.15 from FactSet, and homebuilder revenue also fell short of predictions. Lennar said higher lumber and labor costs drive up labor costs and lack of raw materials.

Novartis – Shares of Novartis jumped 5.6% after the drugmaker launched a share buyback program up to 15 billion dollars. The company expects to implement its program by the end of 2023.

Petco Health – Petco’s stock rose 1.6% after Needham starts insurance of a pet product retailer with a buy rating. Needham said Petco should outperform its competitors in the pet category.

Bank of America – Bank of America increased by 2.5% after JPMorgan calls it a top stock pick for 2022. JPMorgan said Bank of America is a “bigger beneficiary of higher interest rates” as the Federal Reserve prepares to raise rates next year.

Medtronic – Medtronic stock rose 2.8% after Wells Fargo downgraded Stock to balance weight from overweight. The company cited “recent failures and delays for four of MDT’s key pipeline products.”

Under armour – Under Armor shares fell 4.1% after Downgraded Stifel Stock to keep rating from buy. Stifel said it has “lower confidence” in Under Armor’s revenue and profit margins.

Airbnb – Airbnb shares fell 6.7% after RBC downgraded sector stocks perform better. The company said that Airbnb’s risk versus reward is “ultimately too balanced at current levels to warrant Better Performance.”

Ford – Ford stock rose 1.6% after Wells Fargo puts auto stocks as top pick in New Year. “We expect the auto recovery transaction to finally start operating in 2022,” the company said.

– CNBC’s Yun Li and Tanaya Macheel contributed reporting Stocks with the biggest midday moves: Adobe, AT&T, Robinhood, more

Sarah Ridley

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